Small-Caps Put on Nasdaq Chopping Block
NEW YORK (TheStreet) -- Penny stocks have gotten punished as investors sold the riskiest shares since the April sell-off. The following 13 companies received notice in December that they failed to trade above $1 a share for a certain period, a Nasdaq requirement, and now they face delisting after a six-month grace period. Their possible fate: languishing on the thinly traded Pink Sheets.
Altair Nanotechnologies (ALTI)
Closing Price: 30.4 cents (June 29)
Six-Month Stock Performance: -68%
Received Nasdaq Notice: Dec. 22 Management's Expected Action: The lithium-battery maker was granted an additional 180 days to regain compliance with the minimum bid price rule. Altair now has until Dec. 20 to get its stock price to close above $1 for 10 consecutive trading days. The solution may end up being a reverse stock split. Altair said its board of directors has authorized a reverse split in the range of 3-to-1 to 10-to-1, although that plan has been put aside due to the grace period extension. For now, Altair said it "shall continue to seek compliance with the minimum bid price rule through revenue growth and other positive operational achievements."Select the service that is right for you!
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